PGIM Global High Yield Fund, Inc. Reports Unaudited Earnings and Financial Position for Quarter Ended October 31, 2019

NEWARK, N.J.--(BUSINESS WIRE)--PGIM Global High Yield Fund, Inc. (NYSE: GHY), (the “Fund”), a diversified, closed-end management investment company, announced today its unaudited investment results for the quarter ended Oct. 31, 2019.

	As of October 31, 2019	As of July 31, 2019	As of October 31, 2018
Net Assets	$662,682,885	$680,904,116	$652,513,913
Loan Outstanding	$229,000,000	$284,000,000	$268,000,000
Shares Outstanding	40,923,879	40,923,879	40,923,879
Net Asset Value (“NAV”) Per Share (a)	$16.19	$16.64	$15.94
Market Price Per Share (b)	$14.40	$14.52	$13.28
Premium / (Discount) to NAV (c)	-11.1%	-12.7%	-16.7%
Undistributed / (Overdistributed) Net Investment Income (d)	$4,536,733	$5,569,839	($1,244,496)
Undistributed / (Overdistributed) Net Investment Income Per Share (e)	$0.11	$0.14	($0.03)
	Quarter Ended October 31, 2019	Quarter Ended July 31, 2019	Quarter Ended October 31, 2018
Quarterly Earnings
Net Investment Income	$11,653,296	$12,103,555	$10,154,063
Net Realized and Unrealized Gain (Loss)	($17,185,594)	$12,441,715	($9,083,479)
Net Increase / (Decrease) in Net Assets From Operations	($5,532,298)	$24,545,270	$1,070,584
Quarterly Earnings Per Common Share Outstanding
Net Investment Income	$0.28	$0.30	$0.25
Net Realized and Unrealized Gain / (Loss)	($0.42)	$0.30	($0.22)
Net Increase / (Decrease) in Net Assets From Operations	($0.14)	$0.60	$0.03

This financial data is unaudited. Amounts do not reflect adjustments for Generally Accepted Accounting Principles, including those relating to amortization of premiums on securities held, and may be updated periodically.

Notes:

(a)	Net Asset Value (“NAV”) Per Share is total assets less total liabilities divided by the number of shares outstanding.
(b)	Market Price Per Share is the closing price on the New York Stock Exchange.
(c)	Premium / (Discount) to NAV is the % difference between the market price and the NAV price.
(d)	Overdistributed amounts may be funded by capital gains on portfolio securities or through return of stockholders’ capital. Undistributed / (Overdistributed) Net Investment Income (“UNII”) (“ONII”) represents the balance to date of a fund’s net investment income less its distributions. Includes prior year UNII of $5,569,839 for the fiscal year ended July 31, 2019 and the ONII of ($1,269,899) for the fiscal year ended July 31, 2018.
(e)	The UNII information provided treats amounts relating to foreign currency transactions as net realized and unrealized gain (loss). However, these amounts are treated as net investment income (loss) for federal income tax purposes. In accordance with federal income tax treatment, the UNII balances would have been $962,979 ($0.02 per share), $12,568,881 ($0.31 per share), and $5,602,898 ($0.14 per share), as of the current quarter, prior quarter, and year-ago quarter, respectively. While not required to do so, the Fund may attempt to hedge its foreign currency exposure, which may offset all or a portion of the foreign currency exposure included in the table above. As of the date of this press release, the Fund believes that it has significantly hedged its foreign currency exposure.

The Fund files its annual and semi-annual stockholders reports on Form N-CSR with the Securities and Exchange Commission (the “Commission”), which includes its complete schedule of investments. The Fund also files Form N-PORT with the Commission within 60 days of the end of each fiscal quarter, including the Fund’s complete schedule of investments as of its first and third fiscal quarters. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month. The Fund’s filings on Form N-PORT and stockholder reports on Form N-CSR are available on the Commission’s website at sec.gov. To obtain additional information or to make other inquiries pertaining to the Fund, stockholders can call [phone] (toll-free).

About PGIM and Prudential Financial, Inc.

With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than $1.3 trillion in assets under management as of Sept. 30, 2019. With offices in 15 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Funds, and its affiliates do not engage in selling shares of the Funds. The Funds are subadvised by PGIM Fixed Income, a business unit of PGIM, Inc. and an affiliate of the investment manager.

Each Fund is a diversified, closed-end management investment company managed by PGIM Investments LLC and sub-advised by PGIM Fixed Income, a business unit of PGIM, Inc., and an affiliate of the investment manager.

These Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.

An investment in a closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.

PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

*Pensions & Investments’ Top Money Managers list, May 27, 2019; based on Prudential Financial total worldwide institutional assets under management as of Dec. 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.

1014200-00005-00 Expiration: 5/31/2021